Tenet Healthcare Corporation (THC) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 1.64B | 731M | 1.06B | 936M | 815M | -331M | 1.04B | 747M | 586M | 824M | 503M | 598M | 449M | 421M | 315M | 119M | 228M | 357M | 432M | 245M |
| Operating CF Margin % | 30.57% | 13.23% | 20% | 17.76% | 15.6% | -6.53% | 20.4% | 14.64% | 10.92% | 15.32% | 9.93% | 11.77% | 8.94% | 8.44% | 6.56% | 2.57% | 4.81% | 7.35% | 8.83% | 4.95% |
| Operating CF Growth % | 101.35% | 320.85% | 1.24% | 25.3% | 39.08% | -140.17% | 107.75% | 24.92% | 30.51% | 95.72% | 59.68% | 402.52% | 96.93% | 17.93% | -27.08% | -51.43% | -57.3% | -19.96% | -27.15% | -89.06% |
| Net Income | 906M | 371M | 579M | 522M | 622M | 572M | 681M | 477M | 2.33B | 456M | 266M | 293M | 296M | 274M | 268M | 179M | 280M | 419M | 578M | 257M |
| Depreciation & Amortization | 229M | 236M | 218M | 208M | 206M | 193M | 209M | 208M | 208M | 216M | 224M | 213M | 217M | 213M | 209M | 216M | 203M | 201M | 209M | 221M |
| Stock-Based Compensation | 25M | 25M | 38M | 20M | 21M | 15M | 16M | 19M | 17M | 18M | 15M | 19M | 14M | 9M | 13M | 18M | 16M | 13M | 13M | 16M |
| Deferred Taxes | -40M | 0 | 40M | 7M | 4M | -74M | 64M | -55M | -38M | -23M | 38M | 29M | 8M | 1M | 76M | 69M | 63M | 67M | 135M | 24M |
| Other Non-Cash Items | 521M | 203M | -11M | 35M | -9M | -18M | -375M | -62M | -2.48B | -6M | 32M | -14M | -8M | 88M | -64M | 107M | -12M | 7M | -374M | 0 |
| Working Capital Changes | 0 | -104M | 194M | 144M | -29M | -1.02B | 450M | 160M | 545M | 163M | -72M | 58M | -78M | -164M | -187M | -470M | -322M | -350M | -129M | -273M |
| Change in Receivables | -28M | -48M | 28M | 109M | -69M | 62M | 106M | 340M | -263M | -60M | 24M | -28M | 35M | -101M | 35M | 77M | -151M | 5M | -101M | -48M |
| Change in Inventory | 0 | -15M | -9M | 117M | -108M | -96M | -6M | 34M | -18M | -90M | -209M | 110M | 50M | -153M | -84M | -8M | 181M | 59M | -167M | -74M |
| Change in Payables | -145M | 0 | 213M | 0 | 24M | -153M | 247M | -143M | 19M | 253M | 130M | 62M | -230M | 44M | -178M | -404M | -360M | -435M | 83M | -145M |
| Cash from Investing | -317M | -389M | -385M | -314M | -187M | -372M | 667M | -194M | 3.33B | -333M | -169M | -181M | -286M | -306M | -302M | -140M | -60M | -1.52B | 997M | -50M |
| Capital Expenditures | -180M | -364M | -280M | -193M | -173M | -330M | -216M | -145M | -240M | -208M | -176M | -132M | -235M | -290M | -165M | -152M | -155M | -304M | -111M | -122M |
| CapEx % of Revenue | 3.35% | 6.59% | 5.29% | 3.66% | 3.31% | 6.51% | 4.22% | 2.84% | 4.47% | 3.87% | 3.47% | 2.6% | 4.68% | 5.81% | 3.44% | 3.28% | 3.27% | 6.26% | 2.27% | 2.46% |
| Acquisitions | 0 | -42M | 147M | -120M | -27M | -47M | -14M | -61M | -449M | -114M | -14M | -48M | -48M | -10M | -158M | -26M | -40M | -1.16B | 0 | -39M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -133M | 17M | -258M | -3M | 16M | 15M | 909M | 18M | 4.02B | 29M | 24M | 1M | 6M | 3M | -4M | 57M | 148M | 16M | 1.11B | 107M |
| Cash from Financing | -1.24B | -434M | -323M | -996M | -648M | -372M | -498M | -154M | -2.66B | -317M | -214M | -249M | -255M | -465M | -156M | -33M | -1.13B | 1.23B | -1.33B | -142M |
| Debt Issued (Net) | 0 | -27M | -22M | -16M | -31M | -24M | -25M | -32M | -2.14B | -62M | -35M | -42M | -33M | -62M | -35M | 146M | -877M | 1.41B | -1.17B | -66M |
| Equity Issued (Net) | 0 | -202M | -93M | -747M | -348M | 672M | -124M | -270M | -278M | -110M | 0 | -40M | -50M | -250M | 0 | 0 | 0 | -11M | 2M | 2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -318M | -202M | -93M | -747M | -348M | 672M | -124M | -270M | -278M | -110M | 0 | -40M | -50M | -250M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.24B | -205M | -208M | -233M | -269M | -1.02B | -349M | 148M | -244M | -145M | -179M | -167M | -172M | -153M | -121M | -179M | -250M | -166M | -164M | -78M |
| Net Change in Cash | 84M | -92M | 350M | -374M | -20M | -1.07B | 1.21B | 399M | 1.25B | 174M | 120M | 168M | -92M | -350M | -143M | -54M | -959M | 72M | 98M | 53M |
| Free Cash Flow | 1.46B | 367M | 778M | 743M | 642M | -661M | 839M | 602M | 336M | 616M | 327M | 466M | 214M | 131M | 150M | -33M | 73M | 53M | 321M | 123M |
| FCF Margin % | 27.22% | 6.64% | 14.71% | 14.1% | 12.29% | -13.03% | 16.38% | 11.8% | 6.26% | 11.45% | 6.45% | 9.17% | 4.26% | 2.63% | 3.12% | -0.71% | 1.54% | 1.09% | 6.56% | 2.48% |
| FCF Growth % | 127.57% | 155.52% | -7.27% | 23.42% | 91.07% | -207.31% | 156.57% | 29.18% | 57.01% | 370.23% | 118% | 1512.12% | 193.15% | 147.17% | -53.27% | -126.83% | -82.32% | -81.07% | -36.69% | -94.23% |
| FCF per Share | 16.68 | 4.17 | 8.78 | 8.09 | 6.76 | -6.89 | 8.68 | 6.12 | 3.34 | 5.91 | 3.13 | 4.45 | 2.02 | 1.23 | 1.37 | -0.30 | 0.65 | 0.49 | 2.95 | 1.13 |
| FCF Conversion (FCF/Net Income) | 2.34x | 1.97x | 3.09x | 3.25x | 2.01x | -1.04x | 2.21x | 2.88x | 0.27x | 3.38x | 4.98x | 4.86x | 3.14x | 4.13x | 2.40x | 3.13x | 1.63x | 1.43x | 0.96x | 2.06x |
| Interest Paid | 0 | 366M | 100M | 300M | 99M | 296M | 96M | 297M | 162M | 293M | 144M | 268M | 0 | 247M | 185M | 250M | 166M | 273M | 178M | 296M |
| Taxes Paid | 0 | 0 | 87M | 235M | 7M | -308M | 68M | 235M | 5M | 31M | 54M | 158M | 0 | 13M | 8M | 132M | 8M | 38M | 20M | 32M |